Home prices continued to heat up in April despite coronavirus, S&P Case-Shiller says
Prices for existing homes rose 4.7% compared with April 2019, and up from 4.6% in the previous month, according to the S&P CoreLogic Case-Shiller National Home Price Index. Price gains have been accelerating since last fall.
Cities with the strongest annual price gains were Phoenix, Seattle and Minneapolis. They reported increases of 8.8%, 7.3% and 6.4% respectively. Twelve of the 19 cities reported higher price increases in the year ending April 2020 versus the year ending March 2020. Record low mortgage rates have been giving buyers more purchasing power, thereby helping to keep prices strong. The average rate on the popular 30-year fixed mortgage, however, did jump briefly in March, which would have factored into April closed sales. Rates have since pulled back.
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